Piedmont Liability Trust
THE ORGANIZATION WAS FORMED TO ACCUMULATE AND HOLD FUNDS FOR USE IN SATISFYING MEDICAL PROFESSIONAL LIABILITY CLAIMS AGAINST THE UNIVERSITY OF VIRGINIA PHYSICIANS' GROUP AND COVERED CLINICIANS OF UNIVERSITY OF VIRGINIA HEALTH.
IRS Tax Year 2023
Period ending June 30, 2024
Total Revenue
$11.6M
Total Expenses
$4.3M
Net Assets
$24.4M
Employees
9
Volunteers
16
Program Expense Ratio
58.3%
This nonprofit profile presents IRS Form 990 tax filing data for Piedmont Liability Trust (EIN: 54-6280083), based on the 2023 tax year annual return filed with the Internal Revenue Service.
Sections below include financial summaries (revenue, expenses, and net assets), program accomplishments, officer and key employee compensation, detailed executive pay breakdowns, top independent contractors, governance policies and audit information, related tax-exempt organizations. All figures are reported in USD as filed.
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Financial Health
Transparency
Compensation
Program Effectiveness
Financial Stability
Risk Flags
Indicators derived from IRS Form 990 data. Not financial advice.
Piedmont Liability Trust is a 501(c)(3) nonprofit headquartered in CHARLOTTESVILLE, VA, founded in 1989. The organization has held tax-exempt status since 1991. In its 2023 filing, the organization reported $11.6M in total revenue, a 17.1% increase from the prior year, and $4.3M in total expenses. The organization employed 9 people and engaged 16 volunteers. BRUCE D GEHLE JD, CEO starting 7/1/23, is the highest-compensated individual at $670,933. The organization runs 1 program, totaling $2.5M in program expenses. 3 of 6 recommended governance policies are in place.
Piedmont Liability Trust is classified under NTEE code Y200. Its foundation type is 17.
Programs(Tax Year 2023)
1 record
Piedmont Liability Trust operates 1 program, with total program expenses of $2.5M. Piedmont Liability Trust's largest program accounts for 100% of total program spending.
MANAGEMENT AND PAYMENT OF MEDICAL PROFESSIONAL LIABILITY CLAIMS FOR THE UNIVERSITY OF VIRGINIA PHYSICIANS' GROUP AND COVERED CLINICIANS OF UNIVERSITY OF VIRGINIA HEALTH, INCLUDING MANAGEMENT OF FUNDS HELD FOR THIS PURPOSE.
Financial Overview(Tax Years 2019–2023)
5 records
Over the past 5 years, Piedmont Liability Trust's revenue has grown from $8.2M to $11.6M, a 41.7% increase. Program expenses represent 58% of total spending.
Revenue increased 17.1% year-over-year, while expenses grew 61.1%. net assets rose to $24.4M, up 133.1% from the prior year. the organization reduced headcount by 1 employees.
Piedmont Liability Trust derives 73% from program services, with 27% from investment income.
Revenue is primarily driven by program service revenue (73%), with investment income at 27%.
Piedmont Liability Trust allocates 58% to programs, 42% to management and general.
Expenses grew by 61.1%, outpacing revenue growth of 17.1% — a trend to watch if it continues.
Over 5 filings from 2019–2023, Piedmont Liability Trust grew revenue from $8.2M to $11.6M (+41.7%) while maintaining a program expense ratio of 58%. During this period, the organization reduced from 11 to 9 employees.
Piedmont Liability Trust holds $97.9M in total assets against $73.5M in liabilities (debt-to-asset ratio of 75%). The organization has 67.5 months of operating reserves. Cash and equivalents of $5K cover approximately 0.0 months of expenses.
Revenue
| Year | Total Revenue | Contributions | Gov't Grants | Program Revenue | Investment |
|---|---|---|---|---|---|
| 2023 | $11.6M | $0 | $0 | $8.5M | $3.1M |
| 2022 | $9.9M | $0 | $0 | $7.4M | $2.4M |
| 2021 | $9.6M | $0 | $0 | $6.3M | $2.9M |
| 2020 | $9.2M | $0 | $0 | $5.9M | $3.3M |
| 2019 | $8.2M | $0 | $0 | $4.2M | $4.0M |
Expenses
| Year | Total Expenses | Program | Management | Fundraising | Grants Paid |
|---|---|---|---|---|---|
| 2023 | $4.3M | $2.5M | $1.8M | $0 | $0 |
| 2022 | $2.7M | $419K | $2.3M | $0 | $0 |
| 2021 | $7.1M | $5.7M | $1.4M | $0 | $0 |
| 2020 | $10.1M | $8.8M | $1.3M | $0 | $0 |
| 2019 | $7.2M | $6.0M | $1.2M | $0 | $0 |
Program Expense Ratio
58.3%
Admin Expense Ratio
41.7%
Fundraising Efficiency
—
Operating Reserve
67.5 mo
People & Compensation(Tax Year 2023)
21 records
Piedmont Liability Trust reported compensation for 21 officers and key employees. Total officer compensation was $2.0M, representing 47.0% of total expenses. 2 individuals received total compensation exceeding $500,000.
Piedmont Liability Trust's highest-compensated individual received $671K in total compensation. Total officer compensation of $2.0M represents 47.0% of total expenses. 2 individuals received total compensation exceeding $500,000.
| Name | Title | Type | Hours/wk | Comp from Org | Related Orgs | Total |
|---|---|---|---|---|---|---|
| BRUCE D GEHLE JD | CEO starting 7/1/23 | Officer | 40.00 | $629,553 | $0 | $670,933 |
| REBECCA W WEST JD ESQ | CEO | Former | 40.00 | $607,495 | $0 | $614,620 |
| RICHARD O WHITE | COO & General Counsel | Officer | 40.00 | $291,892 | $0 | $325,386 |
| LANCE D FRASIER | MANAGER OF FINANCE & OPERATIONS | Highest Comp | 40.00 | $230,259 | $0 | $258,285 |
| Rachel DG Horvath JD | Claims & Litigation Counsel | Highest Comp | 40.00 | $155,295 | $0 | $165,599 |
| JAMES E SMITH | DIRECTOR | Director | 2.00 | $0 | $0 | $0 |
| JAMES M LARNER MD | DIRECTOR | Director | 2.00 | $0 | $0 | $0 |
| MARGARET TRACCI MD | DIRECTOR | Director | 2.00 | $0 | $0 | $0 |
| MEGAN J BRAY MD | DIRECTOR | Director | 2.00 | $0 | $0 | $0 |
| MITCHELL H ROSNER MD | DIRECTOR | Director | 2.00 | $0 | $0 | $0 |
| PAOLA A GEHRIG MD | DIRECTOR | Director | 2.00 | $0 | $0 | $0 |
| PETER T HALLOWELL MD | DIRECTOR | Director | 2.00 | $0 | $0 | $0 |
| STEPHEN S PARK MD | DIRECTOR | Director | 2.00 | $0 | $0 | $0 |
| JAMES W HOWELL JD | DIRECTOR/VICE-CHAIR | OfficerDirector | 2.00 | $0 | $0 | $0 |
| MARK E SHAFFREY MD | DIRECTOR/CHAIRMAN | OfficerDirector | 2.00 | $0 | $0 | $0 |
| ANDREW SOUTHERLAND MD | DIRECTOR | Director | 2.00 | $0 | $0 | $0 |
| SCOTT A SYVERUD MD | DIRECTOR/TREASURER | OfficerDirector | 2.00 | $0 | $0 | $0 |
| CHRISTOPHER A MOSKALUK MD | DIRECTOR | Director | 2.00 | $0 | $0 | $0 |
| CHRISTOPHER P HOLSTEGE MD | DIRECTOR | Director | 2.00 | $0 | $0 | $0 |
| DONALD R MORIN | DIRECTOR | Director | 2.00 | $0 | $0 | $0 |
| J SCOTT JUST MD MBA FACEP | DIRECTOR | Director | 2.00 | $0 | $0 | $0 |
Compensation Breakdown
Schedule J detail — base, bonus, benefits, and executive perks
REBECCA W WEST JD ESQ
Base Salary
$458,980
Bonus
$136,000
Other Reportable
$12,515
Retirement/Deferred
—
Nontaxable Benefits
$7,125
BRUCE D GEHLE JD
Base Salary
$545,898
Bonus
$75,000
Other Reportable
$8,655
Retirement/Deferred
$30,150
Nontaxable Benefits
$11,230
RICHARD O WHITE
Base Salary
$265,600
Bonus
$25,000
Other Reportable
$1,292
Retirement/Deferred
$25,875
Nontaxable Benefits
$7,619
Rachel DG Horvath JD
Base Salary
$150,214
Bonus
$5,000
Other Reportable
$81
Retirement/Deferred
$4,500
Nontaxable Benefits
$5,804
LANCE D FRASIER
Base Salary
$210,000
Bonus
$20,000
Other Reportable
$259
Retirement/Deferred
$20,700
Nontaxable Benefits
$7,326
Top Contractors(Tax Year 2023)
3 records
Piedmont Liability Trust reported 3 contractors receiving over $100,000, with total contractor payments of $600K.
| Name | Service | Compensation |
|---|---|---|
| Timberlake Smith Thomas & Moses PC | Legal Services | $302,845 |
| Mitchell & Simopoulos PLLC | Legal Services | $149,092 |
| Goodman Allen Donnelly | Legal Services | $147,929 |
Governance & Compliance(Tax Year 2023)
Piedmont Liability Trust has 3 of 6 recommended governance policies in place, including conflict of interest, document retention. Its board has 16 members, 16 of whom are independent.
Piedmont Liability Trust's financial statements are audited, an audit committee oversees the process.
Policies & Oversight
Audit & Financial Oversight
Filing History(Tax Years 1991–2023)
5 records
Showing the 5 Form 990 filings currently in our system.
| Tax Year | Form | Period | Revenue | Expenses | Net Assets |
|---|---|---|---|---|---|
| 2023 | 990 | 2023-07-01 – 2024-06-30 | $11.6M | $4.3M | $24.4M |
| 2022 | 990 | 2022-07-01 – 2023-06-30 | $9.9M | $2.7M | $10.4M |
| 2021 | 990 | 2021-07-01 – 2022-06-30 | $9.6M | $7.1M | $471K |
| 2020 | 990 | 2020-07-01 – 2021-06-30 | $9.2M | $10.1M | $8.2M |
| 2019 | 990 | 2019-07-01 – 2020-06-30 | $8.2M | $7.2M | $1.5M |
| 1991–2018 | No filings acquired yet | ||||
Frequently Asked Questions
What does Piedmont Liability Trust do?
THE ORGANIZATION WAS FORMED TO ACCUMULATE AND HOLD FUNDS FOR USE IN SATISFYING MEDICAL PROFESSIONAL LIABILITY CLAIMS AGAINST THE UNIVERSITY OF VIRGINIA PHYSICIANS' GROUP AND COVERED CLINICIANS OF UNIVERSITY OF VIRGINIA HEALTH.
How much revenue does Piedmont Liability Trust have?
Piedmont Liability Trust reported $11,639,538 in total revenue for tax year 2023, up 17.1% from the prior year.
Who is the highest-paid executive at Piedmont Liability Trust?
BRUCE D GEHLE JD, CEO starting 7/1/23, received $670,933 in total compensation as of tax year 2023.
Is Piedmont Liability Trust a 501(c)(3)?
Yes, Piedmont Liability Trust is classified as a 501(c)(3) tax-exempt organization.
Where is Piedmont Liability Trust located?
Piedmont Liability Trust is headquartered in CHARLOTTESVILLE, VA 22903.
How many employees does Piedmont Liability Trust have?
Piedmont Liability Trust has 9 employees and 16 volunteers as of tax year 2023.
Is Piedmont Liability Trust audited?
Yes, Piedmont Liability Trust's financial statements are audited, and the organization has an audit committee.
Data Source
Prepared by: Forvis Mazars LLP, Boca Raton, FL
IRS Form 990 electronic filings via the IRS Exempt Organizations Business Master File. All financial figures are as reported in USD.
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